Having passed the preliminary screening necessary to obtain credit.
Your mortgage lender has reviewed your formal mortgage application and financial records, completed a satisfactory credit check and approved you for a specific loan amount, subject to an appraisal and possibly an inspection of the home you decide to purchase.
lender commits to lend to a potential borrower; commitment remains as long as the borrower still meets the qualification requirements at the time of closing
This term only means that a potential customer has passed the preliminary credit information screening. Credit card companies often send out "pre-approved" junk mail in order to get new customers. The credit card companies can then reject the customers if they don't like their credit rating.
Consumers are often pre-approved for a credit card which only means there’s been a first screen of their credit data that indicates they’d be approved for the card. The company issuing the credit reserves the right to deny credit based on a final check or, they can offer a different credit card with different terms if your data comes back looking different than they originally judged.
his means that a potential customer has passed an initial credit bureau evaluation.
A credit card with a pre-approved offer means that a potential customer has passed a preliminary credit screening.
A lender extends an offer based on information from credit bureaus or other lenders that indicates a potential borrower meets their lending criteria such as annual income, etc.
Mortgage: Preliminary approval by the lender of the borrower's application for a mortgage to a certain maximum amount and rate.
A term used to denote a credit offer that is extended after the creditor has performed a credit pre-screening process.
The condition of having already had ones credit-worthiness evaluated and receiving approval in advance for credit up to that approval amount.
A credit card offer with "pre-approved" only means that a potential customer has passed a preliminary credit-information screening. A credit card company can spurn the customers it invited with "pre-approved" junk mail if it doesn't like the applicant's credit rating.
A "pre-approved" credit card offer means that a potential customer has passed the preliminary credit-requirements screening. Pre-approved offers, however, are not a guarantee of credit. Many financial institutions will conduct a "post-screening" process, which typically involves reviewing your credit bureau report in full as well as verifying information provided on your application. The pre-approval process is fairly accurate and approximately 80 to 95 percent of pre-approved applicants receive cards.
